Try the trade
before risking the dollar.
Open simulated positions, write your thesis, and review the journal 30 days later. Every paper trade is grounded in a lesson and explained by an AI that reads your fills + your thesis.
No real money. Simulated trades against delayed quotes. For educational purposes only — not investment advice.
Lesson-linked challenges
Finish a lesson on DCF? Try the challenge that asks you to value a stock with a 25% margin of safety. Twelve curated challenges across the LEARN catalog — each links back to the modules that taught the concept.
Thesis journal
Every paper buy and sell requires a thesis — up to 250 characters of why you opened the position. Review the journal after 30 days. Did the cited drivers play out? Was the thesis incomplete?
AI explainer
Click "Why?" on any open position. The platform reads your cost basis, current price, and original thesis — and explains in plain English what's happening. Five free explanations per day. Not investment advice.
How it works
- Pick a starting balance. $10K, $25K, $100K, or $1M of simulated cash. You can reset it later, rate-limited to once per day.
- Place a paper order. Market orders only at v1; fills happen at the delayed quote. Every order requires a thesis (250 chars) so your future self knows why you opened the position.
- Review the journal. The recent-trades view shows your fills with the thesis attached. Click "Why?" on any open position to read an AI-grounded explanation of the move.
- Reset when you've learned the lesson. Practice doesn't have to be a year-long campaign. Reset, try a different thesis, journal again.
Common questions
Is this real-money trading?
No. Paper trading is simulation only — your fills happen against delayed quotes against simulated cash. There's no real money at stake, neither to lose nor to gain. The point is to practice your investing reasoning before you commit a real dollar.
What does it cost?
Free. The AI explainer has a daily cap (5 calls/day per user) so the costs stay bounded; that cap is what makes it free. Paid tiers will eventually get higher caps and SF-12-grounded explanations citing specific filings.
Can I short stocks or trade options?
Not at v1. Paper trading is buy-and-hold market orders only right now. Options + shorts add cognitive load that doesn't match the audience this is built for — lifelong students learning to think like investors. We'll revisit when the foundation is solid.
Does Oxford Ledge see my paper portfolio?
Aggregated only, with a strict 50-user privacy floor. Once at least 50 users hold paper positions, the platform may surface "X% of paper portfolios are long sector Y" as an editorial signal — never an individual portfolio, never with anything that could re-identify a user. Below the floor, no aggregate publishes.
Is this investment advice?
No. The AI explainer carries a mandatory "preliminary explanation, not investment advice" footer on every response. Paper trading is for practicing reasoning, not receiving recommendations. Decisions about real money are yours; consult a licensed advisor if you need one.
Ready to practice?
Open paper portfolio →No real money. For educational purposes only.